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Author Topic: Getting a mortgage while living off student loans  (Read 731 times)

VitaminE

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Getting a mortgage while living off student loans
« on: April 04, 2007, 04:57:47 PM »
We are considering refinancing our mortgage, but my S.O.'s salary probably won't be enough to qualify us. We will probably need to use my "income" too.

My "income" = Stafford loans and money from a paid public-interest clerkship over the summer (slightly higher than a Wal-Mart cashier's wage).

Has anyone refinanced using student loans as income?


jacy85

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Re: Getting a mortgage while living off student loans
« Reply #1 on: April 04, 2007, 04:58:29 PM »
Your student loans are not income, they are debt.  You cannot use them as "income" when seeking more loans.

VitaminE

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Re: Getting a mortgage while living off student loans
« Reply #2 on: April 04, 2007, 05:16:45 PM »
Yeah. I figured...

Well, let's cross our fingers that my S.O.'s income IS enough to qualify :)

amityjo

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Re: Getting a mortgage while living off student loans
« Reply #3 on: April 04, 2007, 05:23:52 PM »
What's your current interest rate? You could always do a no-doc/no-income-verification loan (if it's financially worth it.)

VitaminE

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Re: Getting a mortgage while living off student loans
« Reply #4 on: April 05, 2007, 09:13:05 AM »
What's your current interest rate? You could always do a no-doc/no-income-verification loan (if it's financially worth it.)

Yeah, I don't think the no-doc loan would be financially worth it for us right now. Thanks, though :)